How Hong Kong crowdfunders got burned, and why they’re still investing
For some, investing through sites such as Kickstarter is entertainment, for others it is like betting on penny stocks. Either way, thousands continue to back schemes, some of which are little more than pie in the sky
Digital industry veteran Francis Fong Po-kiu makes it his business to keep track of emerging technologies. But he scours crowdfunding sites as much for fun as to look for the next big thing on the horizon. Fong has spent about HK$5,000 so far backing six projects, half of which have yet to come to fruition – and they seem unlikely to.
He has received delivery of a motorised paper plane and a super efficient LED light from Nanoleaf, that was also funded by Li Ka-shing’s Horizon Ventures, he says.
“But a 3D printer that I ordered [through Kickstarter] in 2014 for US$299 never arrived. For two years, [the creators] just kept sending updates about what they were doing, the problems encountered and the solutions they came up [with].”
When he complained to Kickstarter, administrators just told him to sort it out with the product maker. “I didn’t pursue it as I am too busy,” says Fong, president of the Hong Kong Information Technology Federation.
